Deals & Corporate Governance

  • February 15, 2024

    Aurinia Refocusing After Failed Effort To Find A Buyer

    Kidney-focused biotech Aurinia Pharmaceuticals is hitting pause on drug development, cutting jobs and initiating a $150 million stock buyback program, the company disclosed in its year-end financial report Thursday.

  • February 15, 2024

    Lawmakers Push PE Firm For Answers On Steward Health

    A group of lawmakers demanded answers from private equity firm Cerberus Capital Management on Thursday over its relationship with financially troubled Steward Health Care-owned hospitals in Massachusetts, saying that Steward's recent collapse is a "textbook example" of the "grave risks" that come with private equity takeover of the healthcare system.

  • February 15, 2024

    FTC's Khan Calls Healthcare 'Key' To Fight For Competition

    Federal Trade Commission Chair Lina Khan told a conference of physicians the agency is fighting corporate control at several levels of the healthcare industry, touting the sector as a key battleground in the administration's push for more competition across the economy.

  • February 14, 2024

    FTC Seeks Info On 'Powerful Middlemen' Amid Drug Shortages

    The Department of Health and Human Services and the Federal Trade Commission announced Wednesday that they are seeking information on whether legal exemptions for "middlemen" in the generic pharmaceutical market are driving ongoing drug shortages.

  • February 14, 2024

    Adagio Medical Goes Public In $128M SPAC Merger

    Adagio Medical, a catheter ablation tech maker, and Arya Sciences, a special purpose acquisition company, said on Wednesday that they would merge, taking the combined company public at a $128 million value, guided by respective legal adviser Reed Smith and Kirkland.

  • February 14, 2024

    Pharma Co. Humanigen Gets OK For Ch. 11 Sale

    Drug researcher Humanigen Inc. can sell nearly all of its assets to a company formed by its CEO, a Delaware bankruptcy judge ruled Wednesday, after the debtor, the buyer and the official committee of unsecured creditors struck a deal resolving objections to the Chapter 11 sale.

  • February 14, 2024

    Settlements of 3 Drug Cos. Get Prelim OK In Price-Fixing MDL

    A Pennsylvania federal judge granted preliminary approval Wednesday to settlements in which two makers and one distributor of generic drugs agreed to pay a combined $45 million to resolve allegations they colluded to fix the prices of medications, including those used to treat glaucoma, high blood pressure and high cholesterol.

  • February 14, 2024

    Biotech Nabs $200M Via Private Placement, Starts CEO Search

    Public gene therapy company enGene Holdings Inc. announced Wednesday that it will sell 20 million of its common shares, raising an anticipated private placement of around $200 million, to fund the development of its lead compound EG-70.

  • February 14, 2024

    KKR Buys Stake In Health Tech Biz Cotiviti At $10.5B Valuation

    Private equity firm KKR & Co. Inc. has agreed to acquire a stake in healthcare analytics company Cotiviti from Veritas Capital, Cotiviti announced Wednesday, in a deal valuing the target at about $10.5 billion.

  • February 14, 2024

    Genetic Testing Co. Invitae Files For Ch. 11 With $1.5B Debt

    California-based genetic testing company Invitae Corp. has filed for Chapter 11 protection in New Jersey with nearly $1.5 billion in debt and what it said is an agreement with senior noteholders to seek a buyer.

  • February 13, 2024

    Insurers Must Pay Pharma Co. Defense Costs In SEC Probe

    A drug development company formed by a merger is entitled to insurance payments for expenses it paid two of its former officers in connection with federal subpoenas because the insurer failed to show that an exclusion applied, a California federal judge ruled Monday.

  • February 13, 2024

    FDA, Creditors Oppose Drugmaker Humanigen's Ch. 11 Sale

    Biopharmaceutical company Humanigen faced fire on multiple fronts Tuesday after it asked the Delaware bankruptcy court to approve a $2 million stalking horse credit bid from its debtor-in-possession lender, an entity founded by the debtor's chief executive, that is opposed by the FDA and certain creditors.

  • February 13, 2024

    Nava Health To Go Public Via $320M SPAC Merger

    Health clinic chain Nava Health is planning on going public through a merger with blank-check company 99 Acquisition Group in a $320 million deal led by two law firms, the companies announced Tuesday.

  • February 13, 2024

    Mallinckrodt Guts IP Suit Amid Oxide Rival's New Drug App

    A Delaware federal judge has dismissed 10 of the originally asserted 14 patents in pharmaceutical company Mallinckrodt's claims against a French industrial gas company over a generic version of its pediatric breathing disorder treatment, as Mallinckrodt filed an amended complaint adding two additional patents to the suit.

  • February 13, 2024

    Catholic Hospital's Religious Status Dooms Vaccine Bias Suit

    A Missouri federal judge granted a win to a Catholic hospital in a former nurse's lawsuit alleging she was fired because her religious beliefs barred her from getting the COVID-19 vaccine, saying it's clearly a religious employer that's immune from her claims.

  • February 13, 2024

    Breast Implant Maker Sientra Hits Ch. 11 With $82M In Debt

    Breast implant maker Sientra Inc. has filed for Chapter 11 protection in Delaware bankruptcy court with $82 million in debt, saying it is seeking a buyer for the business in the face of declining sales.

  • February 12, 2024

    Assure Buys Danam Health To Form $150M Business

    Neurology services company Assure and wellness platform Danam Health said Monday that they will merge in a deal valuing the combined company at roughly $150 million, led by respective legal advisers Dorsey & Whitney LLP and Dykema & Gossett PLLC.

  • February 12, 2024

    Alys Pharmaceuticals Launches With $100M In Financing

    A new immuno-dermatology company created as an amalgamation of six separate startups launched on Monday with $100 million in financing to target dermatological indications.

  • February 12, 2024

    Gilead Buying Liver Disease Drugmaker CymaBay For $4.3B

    Gilead Sciences Inc. said Monday that it has agreed to purchase liver disease-focused clinical-stage biopharmaceutical company CymaBay Therapeutics Inc. for $4.3 billion in cash.

  • February 09, 2024

    Groups Claim NYC Hospital Closing To Liquidate Real Estate

    A community group, tenants associations and other organizations claimed in New York state court that the Mount Sinai Health System's unapproved and "grossly deficient" closure and service reduction plans for Mount Sinai Beth Israel Hospital are attempts to profit from "very, very valuable" Manhattan real estate.

  • February 09, 2024

    FTC Clears AbbVie To Proceed With $10.1B ImmunoGen Buy

    The 30-day waiting period for U.S. antitrust enforcers to review AbbVie's $10.1 billion purchase of ImmunoGen came and went without a move to deepen the investigation or challenge the deal, clearing the parties to close the agreement on or about Monday, ImmunoGen said on Thursday.

  • February 09, 2024

    Goodwin-Led Gene Editing Firm Metagenomi Raises $94M IPO

    Preclinical biotech Metagenomi began trading publicly on Friday, raising $94 million by offering 6.25 million shares at $15, the low end of the $15 to $17 range it had set earlier in the week.

  • February 09, 2024

    What To Know About 'Novel' Johnson & Johnson ERISA Suit

    A new lawsuit from a Johnson & Johnson worker claims the company violated federal law by letting pharmacy benefit manager Express Scripts overcharge health plan participants for drugs, potentially signaling that fee litigation under the Employee Retirement Income Security Act is shifting focus from retirement savings to health benefits, attorneys say.

  • February 08, 2024

    BioNTech Puts $200M Into Collab With Cancer Biotech Autolus

    German immunotherapy company BioNTech will inject $200 million into cancer-focused biotechnology firm Autolus Therapeutics PLC as part of a strategic collaboration announced Thursday.

  • February 08, 2024

    Biotech Co. Neurona Therapeutics Raises $120M

    Clinical stage biotech company Neurona Therapeutics announced Thursday that it raised $120 million to advance the development of its lead treatment NRTX-1001 as well as other preclinical programs.

Expert Analysis

  • Virginia 'Rocket Docket' Slowdown Is Likely A Blip

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    After being the fastest or second-fastest federal civil trial court for 14 straight years, the Eastern District of Virginia has slid to 18th place, but the rocket docket’s statistical tumble doesn't mean the district no longer maintains a speedy civil docket, says Robert Tata at Hunton.

  • A Look At 2023's Major NLRB Developments Thus Far

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    Over the last six months, the National Labor Relations Board has broadened its interpretation and enforcement of the National Labor Relations Act, including increasing penalties and efforts to prohibit restrictive covenants and confidentiality agreements, say Eve Klein and Elizabeth Mincer at Duane Morris.

  • Preparing For Md. Adult-Use Cannabis: Licensing Provisions

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    As the launch of Maryland’s adult-use cannabis market quickly approaches, current and prospective businesses will need to understand key provisions and limitations related to license conversion, qualifying partnerships, social equity applications and microlicenses, say Seth Gitner and Jonathan Havens at Saul Ewing.

  • FTC's Amgen-Horizon Protest Raises Conglomerate Concerns

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    The Federal Trade Commission's challenge to Amgen Inc.'s proposed $28 billion acquisition of Horizon Therapeutics is the agency's first move in four decades based on a conglomerate theory of competitive harm, and might pose new antitrust risks for transactions beyond the pharmaceutical sector, say attorneys at WilmerHale.

  • 5 Management Tips To Keep Law Firm Merger Talks Moving

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    Many law firm mergers that make solid business sense still fall apart due to the costs and frustrations of inefficient negotiations, but firm managers can increase the chance of success by effectively planning and executing merger discussions, say Lisa Smith and Kristin Stark at Fairfax Associates.

  • What 3rd Circ. Niaspan Decision Means For Class Cert.

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    The Third Circuit's recent denial of class certification in the Niaspan antitrust case underscores its particularly stringent understanding of the implicit ascertainability requirement, which further fuels confusion in the courts, threatens uneven results and increases the risk of forum shopping, says Michael Lazaroff at Rimon Law.

  • The Texas Two-Step May Be Losing Steam

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    The Texas Two-Step is a powerful bankruptcy strategy that has been used in recent high-profile cases, including Johnson & Johnson’s talc unit bankruptcy case, but ongoing debate and legal challenges raise the question of whether this maneuver is losing reliability, say Brendan Best and Justin Allen at Varnum.

  • FTC Pharma Merger Digest May Offer Policy Clues

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    The Federal Trade Commission's and the U.S. Justice Department's recently published summary of the agencies' workshop on proposed changes to pharmaceutical merger analysis reads like a policy roadmap and its timing may forecast the release of new draft merger guidelines, say attorneys at Mintz.

  • Rethinking In-Office Attendance For Associate Retention

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    The hybrid office attendance model doesn't work for all employees, but it does for many — and balancing these two groups is important for associate retention and maintaining a BigLaw firm culture that supports all attorneys, says Summer Eberhard at Major Lindsey.

  • Avoiding Antitrust Enforcement In Health Care Joint Ventures

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    Considering the Federal Trade Commission's recent activity in challenging hospital combinations, health care companies must be mindful of antitrust considerations unique to the industry, and employ strategies to minimize enforcement risks, say attorneys at Holland & Knight.

  • Murdaugh Trials Offer Law Firms Fraud Prevention Reminders

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    As the fraud case against Alex Murdaugh continues to play out, the evidence and narrative presented at his murder trial earlier this year may provide lessons for law firms on implementing robust internal controls that can detect and prevent similar kinds of fraud, say Travis Casner and Helga Zauner at Weaver and Tidwell.

  • Check Onboarding Docs To Protect Arbitration Agreements

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    The California Court of Appeal's recent Alberto v. Cambrian Homecare decision opens a new and unexpected avenue of attack on employment arbitration agreements in California — using other employment-related agreements to render otherwise enforceable arbitration agreements unenforceable, say Morgan Forsey and Ian Michalak at Sheppard Mullin.

  • Firm Tips For Helping New Lawyers Succeed Post-Pandemic

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    Ten steps can help firms significantly enhance the experience of attorneys who started their careers in the coronavirus pandemic era, including facilitating opportunities for cross-firm connection, which can ultimately help build momentum for business development, says Lana Manganiello at Equinox Strategy Partners.